"The orthodox way of exploring and mining has not changed. That is to find an economically viable resource, concentrate only on funding and development of that resource, then get to producing revenue as quickly and cheaply as possible. All being equal then the profits will follow. In a nut shell, that is how the extractive industry works."
What don't you understand by the term "economically viable resource"?
It can't be economically viable if the miner can't sell the product.
A miner can't be first to market without having a market in the first place.
The orthodox way for exploring and mining is relevant for all companies in the extractive industry regardless of commodity. Those that stray from the orthodox way increase the financial and technical risk of failure. The market risk is what is not orthodox for all in the extractive industry. The market risk varies from commodity to commodity. Those without a spot market like graphite have an increased market risk. That risk is even greater when the overall market is either relatively small or is dominated by certain players or both.
That is why being first to market is an important point. In such markets like graphite there will only be a limited amount of opportunity for new players to get market share.
